2 Answers
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Yes, it definitely will. You are most likely not noticing the lag because of interpolation.

A high latency will negatively effect any online game, most notably FPSses - in the case of Counter Strike latency is extremely important. I would recommend not playing on servers with a ping higher than 50, the lower, the better.

On a side note, look at high (128) tick servers which should give you a more competitive experience.

Traditional 'lag' and latency are two different things that people tend to associate and often occur together, but they have different effects.

With a high latency (ping), you're going to have issues giving commands rapidly, as you have to wait for the server to confirm them. For example, when scoping with a high ping it will take longer for you to appear scoped in than with low ping. The same is true with switching guns, picking up a new gun, firing, etc. Because of the way CS handles your shots, though, if you aim well you will still not have any problems with those shots hitting.

Lag is when that ping value is fluctuating significantly or you're getting loss or choke (dropped information, visible if the net_graph 3 setting is used). This will be a much more significant hindrance to you than a high ping will. This can cause clearly accurate shots to miss, will cause players to skip across the screen, can cause hangups where the game seems to freeze, and just generally sucks.

It's possible for players to have high ping and no lag, and it's possible for players to have low ping and be lagging terribly. I used to play on Australian servers from USE, and while my ping was around ~250-300 I was still able to play reasonably well, though the game feels a lot slower and more clunky.

You can change the maximum ping to servers that CS:GO will put you in through matchmaking with the following console setting, if you would like to have a lower ping: